One topic most people don’t seem to be aware of, even as cryptoasset owners, is the benefits and implications of crypto taxes. We break it down for you to understand exactly what that means and how it could affect you this tax season.
Most countries treat “virtual currency” as property, which means every trade you complete with cryptoassets is a taxable event.
If you sell your cryptoassets to purchase goods (iPhone X or a 1965 Ford Mustang) or services (an event planner for your Grandmother’s 90th birthday bash or a developer to build an app for your business), it’s a taxable event.
- If you exchange your Ether for Bitcoin or vice versa, it’s a taxable event.
- If you liquidate your cryptoassets for USD, it’s a taxable event.
Minimize your tax liability with an easy to use tax calculator! Use a crypto tax calculator that will automatically categorize your transaction history and learn from your input.
- Support for ICOs, OTC, pools, airdrops, mining rewards, lost or stolen funds, crypto payments, and all your favourite exchanges. https://mycryptotaxcalculator.com/
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